DCG lost a billion dollars and the crypto conglomerate said that other companies suffered too due to 3AC’s loan default to Genesis affected the results.
Crypto venture DCG reported a one billion dollars loss in 2022 and claimed this happened due to the collapse of the 3AC.
DCG aka the Digital Currency Group has reported huge losses in last year as per the fourth quarter 2022 reports and they claimed that this reflects what impact the 3AC crypto hedge fund had over genesis as well as all the negative impacts from falling from the prices.
Genesis has now become the lending hand of DCG and they filed a chapter 11 bankruptcy in last January. The business is also adding to the long list crypto companies that filed the same cases in the last few months. Genesis has been the biggest creditors of the 3 Arrows Capital as it given out 2.36bn dollars to the bankrupt fund.
DCG Counted 1.1Bn USD Losses In 2022
The q4 losses for for the firm in 2022 were rounded up to twenty-four million USD while their revenue has been 143mn USD. The complete year revenue for the business became seven hundred and nineteen million dollars. They had 53billion dollars of assets in their funds as well.
The equity valuation first came in at 2.2billion dollars with share price of 27.93 dollars, which as per the company was consistent in a time frame.
After the sales of 700mn USD worth of shares to organizations like Alphabet Inc., the Google parent company, DCG announced on November 1, 2021 that its worth was greater than $10 bn.
Earlier in Feb, a proposal was made that would have DCG donate its equity stake in Genesis’ trading business, unify all Genesis companies under a single holding company, & sell off Genesis’ trading unit.
